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Chapter 13
A Home Equity Line of Credit is a secured loan that acts like an unsecured credit card. Many people took out these “second mortgages” on their homes as a way to convert the home equity into cash while staying in the residence. What happens to your HELOC mainly depends on the Chapter you file. HELOC...
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According to a published report, the number of delinquent mortgages decreased by 16% between February and March 2014 to reach their lowest level since October 2007. In a related report, Black Knight Financial claims that only 10 percent of homeowners are underwater on their loans, as compared with 34 percent in 2010. The financial analysts...
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In April 2014, Detroit’s emergency manager stated that he hoped the city would emerge from bankruptcy later this year. Detroit Bankruptcy In July 2013, the City of Detroit filed for bankruptcy protection under Chapter 9; it was the largest such filing in the country’s history. Although emergency manager Kevin Orr had hoped that the process...
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In April 2014, a lawsuit was unsealed that accuses OneWest Bank, formerly known as IndyMac Bancorp, of abusing the 2009 Home Affordable Modification Program (U.S. ex rel Fisher v. OneWest Bank FSB, U.S. District Court, Southern District of New York, No. 12-09352). The program gives mortgage lenders financial incentives to perform loan modifications to qualified homeowners....
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Recent scheduled meetings of the Bankruptcy Rules Committee were cancelled, apparently due to lack of interest. There had been two meetings scheduled in January 2014, one in Chicago and one in Washington, D.C. According to federal law, meetings may be cancelled if there is a lack of public interest, the Standing Committee sees a need...
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New Jersey recently passed Florida as the state with the highest number of home mortgages at-risk for foreclosure. Although there are more mortgages in the Sunshine State that are delinquent overall, 11.7 percent of these loans are “seriously delinquent,” compared to 11.8 percent in New Jersey. New York is third with 9.1 percent. All three...
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Household debt rose $241 billion in the third quarter of 2013. Analysts at the New York Fed say the 2.1 percent increase was the largest jump since 2007. The debt was primarily mortgage debt and new car loans, which is seen as a sign that consumers are gaining confidence in an improving economy. However, student-loan...
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Florida has more long-term unemployed workers than almost any other state in the country. A recent report gave more identity to the long-term unemployed, or those who have been jobless for more than 26 weeks. In Florida, Alaska, California, Illinois, North Carolina, New York, Connecticut and Rhode Island, between 46% and 60% of the jobless...
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Bankruptcy does not have to mean the end of the game. When you and your friends played “Monopoly,” declaring bankruptcy meant financial failure so intense that recovery was difficult or impossible. Some moneylenders and debt-buyers like to perpetuate that idea in the real world, to keep honest American families form declaring bankruptcy to eliminate debt...
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A major mortgage lender is returning to the subprime market. Since the mortgage collapse in 2008, skittish banks have only loaned money to the most credit-worthy consumers. Now, faced with a major revenue loss as mortgage lending volume declines overall, Wells Fargo may be loaning money to consumers with credit scores as low as 600....
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